Missouri Governor Parson unsure about one-time tax credit bill

0

The bill that lawmakers sent to Parson calls for up to $500 in non-refundable tax credit for single workers and a maximum of $1,500 for married couples filing jointly.

JEFFERSON CITY, Mo. — Missouri Gov. Mike Parson said Wednesday he’s concerned about a one-time tax credit bill pending his approval.

The Republican told reporters gathered in his Capitol office that the proposal was “drafted pretty quickly” by the GOP-led Legislature and picks “winners and losers.”

“What I would ask the Legislature to do is reduce everyone’s income tax,” Parson said. “Make it fair at all levels. We can afford to do it now.”

The bill sent by lawmakers to Parson provides a non-refundable tax credit of up to $500 for single workers and a maximum of $1,500 for married couples who file jointly, though the exact amount available per taxpayer is not clear and also depends on the personal tax liability.

Under the program, refunds would only be given to people earning less than $150,000 and couples earning less than $300,000 a year.

The tax credit program is capped at $500 million and refunds would be pro-rated, meaning taxpayers may not receive the full amount if enough people qualify.

People have to pay taxes to qualify for a refund. In practice, people would receive a refund of $1 for every $1 of tax owed until their tax bill reached the refund limit of $500.

Parson said there will be “a lot of talk” about whether he will sign the proposal. He has until mid-July to decide.

RELATED: Parson to Sign Missouri’s New Congressional District Map Into Law

RELATED: Epilepsy Brings Hope As ‘Law of Will’ Heads To Governor Parson’s Office

RELATED: Missouri Bill Would Prevent State Boards From Disciplining Doctors Who Prescribe Drugs Like Ivermectin and Hydroxychloroquine

https://www.youtube.com/watch?v=videoseries


Source link

Share.

Comments are closed.